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What is a no inventory approach to manufacturing?
Just In Time
Why is it important to minimize inventory in a Just-in-Time system?
By taking a JIT approach to inventory and product handling, companies can often cut costs significantly. Inventory costs contribute heavily to the company expenses, especially in manufacturing organizations. By minimizing the amount of inventory you hold, you save space, free up cash resources, and reduce the waste that comes from obsolescence.
What are the differences between raw material inventory and finish product inventory?
These are some differences in the general cases.FINISHED PRODUCT INVENTORYRAW MATERIAL INVENTORYUsually there is no lead timeUsually there is a lead timeQuantities reach the inventory individually or by groupsQuantities reach the inventory all togetherThe holding cost is greater than the holding cost for the raw material inventoryThe holding cost is less than the holding cost for the finish product inventoryproduction starts if the inventory is emptyproduction stops if the inventory is emptyUsually is smaller in size than the raw material inventoryUsually is bigger in size than the finish product inventoryQuantity size depends on the demandQuantity size depends on the productionproduction stops if the inventory is fullproduction starts if the inventory is fullExcess quantity in the inventory means marketing methods need to be improvedExcess quantity in the inventory means manufacturing methods need to be improvedproduction quality can be measured in these inventoryproduction quality can not be measured in these inventory
How do you calculate beginning work in process inventory?
beginning work in process + requisted for manufacturing ( direct material + direct labor + man. overhead ) = cost of goods completed + ending work in process
What is Manufacturing capabilities?
manufacturing capabilities
Journal entry for supplies used?
Debit supplies expensesCredit supplies inventory
What will be the journal entry for supplies issued?
Debit supplies expensesCredit supplies inventory
What would be the journal entry for supplies used?
debit supplies expensecredit supplies inventory
What is the journal entry of supplies used?
[Debit] Supplies expenses [Credit] Supplies Inventory
What is the journal entry for cost of supplies used?
debit supplies expensecredit supplies inventory
What would be the journal entry for supplies that have been used?
Debit supplies expenseCredit supplies inventory
What is a no inventory approach to manufacturing?
Just In Time
Journal entry supplies used 200?
debit supplies expenses 200credit supplies inventory 200
What does the acid test ratio not include cash or accounts receivable or supplies or inventory?
inventory
Manufacturing business three different inventory accounts?
1 - Raw material Inventory 2 - Work in process inventory 3 - Finished Goods inventory
What should be the ideal inventory turnover ratio for a manufacturing company?
25 times for manufacturing companies
Cruz used 6000 worth of supplies what is the journal entry?
debit supplies expenses 600credit supplies inventory 600
